Pound Sterling Price News and Forecast: GBP/USD 1.2000 stays intact as focus shifts to Powell
|GBP/USD forms bearish double top, confirmation required [Video]
GBPUSD raised questions over its four-month-old positive trend after failing to print a new higher high above December's peak of 1.2445, subsequently crashing below two support trendlines.
Despite the latest rapid downfall, the bullish pattern remains intact as the bears have not charted a new lower low below January’s trough of 1.1840. The flattening 200-day simple moving average (SMA) and the 23.6% Fibonacci retracement of the 1.0324-1.2445 upleg are also on guard slightly higher at 1.1945 as the falling technical indicators are flagging more losses ahead. Yet, with the stochastic oscillator having dipped well in the oversold zone, there is a potential for an upside correction. Read more...
GBP/USD Forecast: 1.2000 stays intact as focus shifts to Powell
GBP/USD has erased its daily gains after having declined below 1.2000 for the first time in a month early Tuesday. It's too early to say whether Pound Sterling is out of the woods as investors are unlikely to bet on an extended recovery ahead of FOMC Chairman Jerome Powell's highly-anticipated speech.
Although the risk-averse market environment provided a boost to the US Dollar, GBP/USD's downside remained limited. News of EU and UK negotiators having made a breakthrough in the Northern Ireland Protocol negotiations helped Pound Sterling stay resilient against its rivals. Additionally, Bank of England (BoE) Chief Economist Huw Pill noted that they were ready to do more to get inflation back to target. Read more...
GBP/USD hangs near one-month low, holds above 1.2000 mark amid softer USD
The GBP/USD pair attracts some buyers near the 1.2000 psychological mark on Tuesday and snaps a three-day losing streak to a one-month low touched the previous day. Spot prices, however, trim a part of the modest intraday gains and retreat to the 1.2025 region during the early European session.
The upbeat US monthly jobs data inspired strong US Dollar recovery momentum from a nine-month low set on Friday stalls amid a modest downtick in the US Treasury bond yields. This is seen as a key factor lending some support to the GBP/USD pair. That said, any meaningful recovery seems elusive, warranting some caution for aggressive bullish traders. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.